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FINTRAC
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC; french: Centre d'analyse des opérations et déclarations financières du Canada) is the national financial intelligence agency of Canada. FINTRAC was established in 2000 under the Proceeds of Crime (Money Laundering) Act to facilitate detection and investigation of money laundering, FINTRAC's mandate was expanded in December 2001 following amendments to the Proceeds of Crime Act to also disclose financial intelligence to other Canadian intelligence and law enforcement agencies with respect to suspected terrorist financing. FINTRAC's mandate was further expanded in 2006 under Bill C-25 to enhance the client identification, record-keeping and reporting measures, established a registration regime for money services businesses and foreign exchange dealers, and created new offences for not registering. FINTRAC has been a member of the Egmont Group of Financial Intelligence Units, an international organization of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FinCEN
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Mission FinCEN's director expressed its mission in November 2013 as "to safeguard the financial system from illicit use, combat money laundering and promote national security." FinCEN serves as the U.S. Financial Intelligence Unit (FIU) and is one of 147 FIUs making up the Egmont Group of Financial Intelligence Units. FinCEN's self-described motto is " follow the money." The website states: "The primary motive of criminals is financial gain, and they leave financial trails as they try to launder the proceeds of crimes or attempt to spend their ill-gotten profits." It is a network bringing people and information together, by coordinating information sharing with law enforcement agencies, regulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Intelligence
Financial intelligence (FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enforcement and related activities. One of the main purposes of financial intelligence is to identify financial transactions that may involve tax evasion, money laundering or some other criminal activity. FININT may also be involved in identifying financing of criminal and terrorist organisations. Financial intelligence can be broken down into two main areas, collection and analysis. Collection is normally done by a government agency, known as a financial intelligence organisation or Financial Intelligence Unit (FIU). The agency will collect raw transactional information and Suspicious activity reports (SAR) usually provided by banks and other entities as part of regulatory requirements. Data may be shared with other countries through intergov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Security And Intelligence Committee Of Parliamentarians
The National Security and Intelligence Committee of Parliamentarians (NSICOP; ; ) is a body composed of members of the House of Commons and Senate which reviews the activities of the Government of Canada's national security and intelligence agencies. The committee also performs strategic and systematic reviews of the legislative, regulatory, policy, expenditure and administrative frameworks under which national security activities are conducted. Formed in 2017, members of NSICOP are appointed from members of Parliament's two chambers on the advice of the prime minister after consultation with the leader of the opposition party. Members must obtain and maintain top secret security clearance. NSICOP is not a standing committee nor a special committee of Parliament. Rather, it is an agency of the executive branch, itself overseen by the Prime Minister's Office, whose membership is made up of parliamentarians. Unlike similar bodies in other Five Eyes countries – such as the Senate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Egmont Group Of Financial Intelligence Units
The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing. National FIUs collect information on suspicious or unusual financial activity and are responsible for processing and analyzing the information received. FIUs are normally not law enforcement agencies themselves, findings are shared with appropriate law enforcement or prosecution bodies if sufficient evidence of unlawful activity is found. The Egmont Group is headquartered in Toronto, Ontario, Canada. History The Egmont Group was formed in 1995 as an informal network of 24 national FIUs, taking its name from the Egmont Palace in Brussels where the group's founding meeting took place. The Egmont Group Secretariat established its permanent headquarters in Toronto on 15 February 2008. The Secretariat also maintains additional of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ottawa, Ontario
Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core of the Ottawa–Gatineau census metropolitan area (CMA) and the National Capital Region (NCR). Ottawa had a city population of 1,017,449 and a metropolitan population of 1,488,307, making it the fourth-largest city and fourth-largest metropolitan area in Canada. Ottawa is the political centre of Canada and headquarters to the federal government. The city houses numerous foreign embassies, key buildings, organizations, and institutions of Canada's government, including the Parliament of Canada, the Supreme Court, the residence of Canada's viceroy, and Office of the Prime Minister. Founded in 1826 as Bytown, and incorporated as Ottawa in 1855, its original boundaries were expanded through numerous annexations and were ultimately ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Avoidance And Tax Evasion
Tax noncompliance (informally tax avoision) is a range of activities that are unfavorable to a government's tax system. This may include tax avoidance, which is tax reduction by legal means, and tax evasion which is the criminal non-payment of tax liabilities. The use of the term "noncompliance" is used differently by different authors. Its most general use describes non-compliant behaviors with respect to different institutional rules resulting in what Edgar L. Feige calls unobserved economies. Non-compliance with fiscal rules of taxation gives rise to unreported income and a tax gap that Feige estimates to be in the neighborhood of $500 billion annually for the United States. In the United States, the use of the term 'noncompliance' often refers only to illegal misreporting. Laws known as a General Anti-Avoidance Rule (GAAR) statutes which prohibit "tax aggressive" avoidance have been passed in several developed countries including the United States (since 2010), Canada, Au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction Tax
A financial transaction tax (FTT) is a levy on a specific type of financial transaction for a particular purpose. The tax has been most commonly associated with the financial sector for transactions involving intangible property rather than real property. It is not usually considered to include consumption taxes paid by consumers. A transaction tax is levied on specific transactions designated as taxable rather than on any other attributes of financial institutions. If an institution is never a party to a taxable transaction, then no transaction tax will be levied from it. If an institution carries out one such transaction, then it will be levied the tax for the one transaction. This tax narrower in scope than a financial activities tax (FAT), and is not directly an industry or sector tax like a Financial stability contribution (FSC), or "bank tax", for example. These distinctions are important in discussions about the utility of financial transaction tax as a tool to selectivel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suspicious Activity Report
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is unusual for that particular client; or appears to be done only for the purpose of hiding or obfuscating another, separate transaction. The report is filed with that country's financial crime enforcement agency, which is typically a specialist agency designed to collect and analyse transactions and then report these to relevant law enforcement. Front line staff in the financial institution have the responsibility to identify transactions that may be suspicious and these are reported to a designated person that is responsible for reporting the suspicious transaction. This means that the front line staff can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Under Secretary Of The Treasury For Terrorism And Financial Intelligence
The Under Secretary for Terrorism and Financial Intelligence is a position within the United States Department of the Treasury responsible for directing the Treasury's efforts to cut the lines of financial support for terrorists, fight financial crime, enforce economic sanctions against rogue nations, and combat the financial support of the proliferation of weapons of mass destruction. The Under Secretary is appointed by the President and confirmed by the Senate. , the Under Secretary is Brian E. Nelson, who was appointed by President Joe Biden, and confirmed to the position by the Senate on December 2, 2021. Overview The Under Secretary heads the Office of Terrorism and Financial Intelligence (TFI), created under 31 USC 312, when the administration of President George W. Bush announced, on May 8, 2004, that the Executive Office of Terrorist Financing and Financial Crimes (TFFC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
